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1 Escudo Overprint on 1000 Pesos P#116
| Issuer | Banco Central de Chile |
|---|---|
| Year | 1960-1961 |
| Type | Standard circulation banknote |
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|---|---|
| Obverse lettering | BANCO CENTRAL DE CHILE MIL PESOS CIEN CONDORES CONVERTIBLES EN ORO CONFORME A LA LEY TALLERES DE ESPECIES VALORADAS - SANTIAGO - CHILE (Translation: Central Bank of Chile One Thousand Pesos One Hundred Condores Convertible in Gold in Accordance with the Law Valued Species Workshops - Santiago - Chile) |
| Reverse description | Brown intaglio print. Central vignette reproduces the painting 'Founding of Santiago de Chile', set within a decorative border with guilloche patterning. A red overprint applied to the face of the underlying P#116 note carries the new denomination '1 ESCUDO' in bold letterpress, replacing the original 1000 Pesos value for circulation during the monetary reform. |
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| Comments |
Chile's 1960 monetary reform replaced the peso with the escudo at a rate of 1,000 to 1 — one of the more drastic redenominations in South American history, driven by years of accelerating inflation. Rather than wait for entirely new stock to be printed, the Banco Central overprinted existing 1,000-peso notes, effectively converting physical inventory overnight. It was a practical solution, but it meant the public was handling notes that still read "mil pesos" beneath the stamp.
The overprint was applied by Talleres de Especies Valoradas, the state security printing works in Santiago — the same facility responsible for the underlying notes. Overprint adhesion can be uneven across the series, and light strikes are not uncommon.